‘Axact fraud empire bigger than initially imagined’ — NYT report details new revelations

• Axact allegedly took money from at least 215,000 people in 197 countries.
• CEO Shoaib Shaikh found to be owner of several shell companies in the US and other Caribbean countries that were used to channel funds to Pakistan.
• Shaikh used a pseudonym on documentation linked to offshore companies.
• Shaikh became a citizen of St. Kitts and Nevis, a small Caribbean island that sells passports to rich investors.
• Axact sales agents employees used "threats and false promises" and impersonated government officials to rake money from customers, mostly in the Middle East.
• The company earned at least $89 million in its final year of operation through illicit operations.